Polluted BoardMultiple aliases, agenda driven posts, be aware, due your diligence. CGX is an investment gamble not an investment.
A quick, quasi accurate, estimate @ 32% WI, $4USD BOE, 335MM Outstanding & Corentyne Block Potential?
@ 500,000,000 BOE = $1.91 USD
@ 750,000,000 BOE = $2.87 USD
@ 1,000,000,000 BOE = $3.82 USD
No port
https://cgxenergy.com/wp-content/uploads/2022/08/CGX-Energy-Inc_Corporate-Presentation-Final-28Aug2022-1.pdf -
The Company has a clean balance sheet and is fully funded through the Wei-1 exploration well, to be spudded in October 2022, upon closing of a recent transaction signed with its JV partner, FEC, on July 21, 2022.
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The July 21, 2022 transaction proposes the transfer of 34.67% of working interest in the Corentyne block to FEC in exchange of (i) up to $130.0 million funding for Wei-1 well, (ii) up to $28.8 million of certain Kawa-1 exploration well, Wei-1 well pre-drill, and other costs, (iii) $54 million of outstanding payables settled, and (iv) $3.8 million cash consideration.
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On closing the transaction, subject to condition precedents being satisfied, the Company will own 32% of the interest in Corentyne PA.
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The Company recorded a discovery on the Corentyne block at the Kawa-1 well in 2022: condensate and light oil discovered in 228 feet of pay in the Maastrichtian, Campanian, Santonian and Coniacian levels. This discovery has helped de-risk the Wei-1 well, located 14km from Kawa-1 well, raising chance of success from 29 to 56%.
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Secured funding for the Wei-1 well, secured all permitting, contracted the Maersk Discoverer to drill the well, retained 95% of expert team which drilled Kawa-1. Spud expected in October 2022.